I’ve been a bit quiet lately (no good reason, just reading a few books, for a change) but I’m breaking the silence to point you towards a link:
The Daily Show (late night comedy news that I’ve become mildly addicted to after watching some great Sarah Palin rants last year) has an extended interview with a CBNC financial commentator. Commentator is putting it mildly – Jim Cramer hosts “the Mad show” which seems less financial commentary, and more random stock tipping (at least from the clips on the Daily Show!). Jon Stewart, the host of the Daily Show, puts it to Jim Cramer that there is a real place for a news organisation to keep the markets honest, in the absence of any serious regulation. Jim Cramer agrees, and promises to try and be that person.
Fascinating. I’ve come to be thankful that we have a sensible regulatory framework in this country, with regulators who, if they don’t understand something, are more inclined to stop it happening than let it through. As an ex-auditor, I can understand the temptation of letting a deal through if you don’t understand it – you run the risk of looking very stupid if you don’t let a deal through, which may not have any effect on your remuneration, but looking stupid isn’t much fun for anyone.